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The secondary market prices for the Vitality Re series of health insurance-linked securities (ILS) transactions have all been discounted on the potential for the ongoing Covid-19 coronavirus pandemic to drive an elevated level of medical benefit claims through to insurer and sponsor Aetna.

The Vitality Re series of health insurance-linked securities (ILS) transactions, which provide reinsurance protection to health insurer Aetna, are exposed to potential triggering by the coronavirus pandemic should it result in “severe morbidity stress”, rating agency S&P has said.

The price guidance has fallen for both of the tranches of notes to be issued as part of Aetna’s latest insurance-linked securities (ILS) transaction Vitality Re XI Ltd. (Series 2020) signalling strong investor appetite for what has become an annual diversifying peril for some investors in the sector.

Aetna, the health, medical and benefits insurance arm of CVS Health, has returned to the insurance-linked securities (ILS) market for its eleventh Vitality Re transaction (Vitality Re XI Ltd. (Series 2020)), as it continues to leverage the capital markets as a source of reinsurance capital.

Health insurance giant Aetna will be delighted with the response from ILS investors to its latest and tenth health or medical benefit risk ILS transaction, the $200 million Vitality Re X Ltd. (Series 2019) deal, as pricing falls to the bottom of initial guidance.

Health insurance giant Aetna is returning to the capital markets and insurance-linked securities with what will be its tenth health or medical benefit risk ILS transaction, a $200 million Vitality Re X Ltd. (Series 2019) deal.

The $200 million Vitality Re IX Ltd. (Series 2018-1) health insurance-linked securities (ILS) transaction from Aetna has now been priced and both tranches of notes have had their coupons fixed at levels below the bottom-end of the initial price guidance ranges.

Cat Bond & ILS transaction results

Aetna, the health, medical and benefits insurance arm of CVS Health, has returned to the insurance-linked securities (ILS) market for its eleventh Vitality Re transaction. The Vitality Re series of ILS deals use a catastrophe bond structure to transfer certain risks associated with health insurance medical benefit claims levels to the capital markets. For its […]

This is health insurance giant Aetna’s tenth Vitality Re ILS deal and it will be issued by a newly established Cayman Islands company Vitality Re X Ltd. Vitality Re X Ltd. will issue two tranches of Series 2019 notes which will be sold to investors. As is typical with these Vitality Re ILS transactions, Aetna Life Insurance […]

Vitality Re Ltd. (a Cayman Islands based SPV) is the first ILS transaction to transfer the risks of medical benefit claims exceeding pre-defined attachment points. Vitality Re Ltd. is being issued on behalf of a new entrant to the cat bond ILS sponsor arena, Aetna Life Insurance Company. It aimed for $200m of cover and […]

Vitality Re II Ltd. is a Cayman Islands domiciled SPV set up for Health Re Inc. and ultimately Aetna Life Insurance Co. to transfer medical benefit claims risks to capital markets investors. The deal provides them with a source of indemnity based on an annual aggregate excess of loss reinsurance basis for medical benefit claims […]

Aetna are returning to the ILS market to secure another $150m of coverage for increases in their medical benefit claims ratio. A similar deal to the earlier Vitality transactions, Vitality Re III Ltd. see’s them try to achieve funding for Vitality Re III’s (a Cayman Islands SPV) commitments under excess of loss agreements with Health […]

This is health insurance giant Aetna’s ninth Vitality Re ILS deal and it will be issued by a newly established Cayman Islands company Vitality Re IX Ltd. As is typical of the Vitality Re series of ILS deals, Aetna Life Insurance Company will enter into a quota share health reinsurance agreement with its Vermont captive […]

This is the fourth in Aetna’s series of Vitality Re, medical benefit linked securitization deals. It again sees them looking for additional reinsurance cover to protect themsevles against a rise in medical benefit claims rates. Vitality Re IV Ltd. is a Cayman Islands domiciled exempted company licensed as a Class C insurer in the Cayman […]

Vitality Re V Ltd. sees life and health insurer Aetna once again using its captive Health Re Inc. as the ceding reinsurer for this transaction, with the protection ultimately reinsuring the health insurance portfolio of its Aetna Life Insurance Company subsidiary. Two tranches of notes are being issued, with a preliminary total deal size of […]

This is Aetna’s sixth Vitality Re medical benefit ratio linked ILS deal. The series of transactions protect Aetna on a reinsurance basis against sudden rises in health insurance medical benefit claims and the insurer has effectively been using them as a capital tool, freeing up capital while also acquiring protection against unexpected or sharp increases […]

This new transaction, Aetna’s seventh Vitality deal will be issued by a newly established Cayman Islands company Vitality Re VII Ltd., we understand from sources. As with all the previous Vitality ILS transactions, Aetna will enter into a quota share agreement with its Health Re captive reinsurance company, which will in turn enter into excess […]